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BLOOMINGTON NAT. BANK v. TELFER

No. 89-3707.

916 F.2d 1305 (1990)

BLOOMINGTON NATIONAL BANK, Hoosier Bancshares, Incorporated, Frank A. Rogers, Joseph R. Hartley, Robert W. Linnemeier, Robert D. Mann and Richard M. Leagre, Plaintiffs-Appellants, v. James S. TELFER, Rudolph T. Kuehn, as Executor of the Estate of Sophie T. Kuehn, Robert S. Telfer, Jr. and John T. Barrett, Defendants/Counterclaimants and Third-Party Plaintiffs-Appellees, v. Robert L. CLARKE, Comptroller of the Currency, Third-Party Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided October 31, 1990.

Attorney(s) appearing for the Case

Theodore J. Nowacki, Ronald E. Elberger, Bose, McKinney & Evans, Indianapolis, Ind., for plaintiffs-appellants.

Robert L. McLaughlin, Wooden, McLaughlin & Sterner, Indianapolis, Ind., for defendants/counterclaimants and third-party plaintiffs-appellees.

Yvonne D. McIntire, Comptroller of the Currency Enforcement & Compliance Div., Washington, D.C., for third-party defendant-appellee.

Before BAUER, Chief Judge, COFFEY, Circuit Judge, and SNEED, Senior Circuit Judge.

SNEED, Senior Circuit Judge.

Bloomington National Bank (Bloomington) appeals in its suit against James S. Telfer, Rudolph L. Kuehn, Robert S. Telfer, Jr., and John T. Barrett (the Telfer group) for a declaration that its reorganization plan was authorized by federal law. In rendering summary judgment for the Telfer group, the district court ruled that Bloomington violated the National Banking Act, 12 U.S.C. § 21 et seq., by repurchasing its own stock and...

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